The period of limitation for completion of assessment u/s 153A of the Income Tax Act'1961 for the searches conducted on or before 31st Day of March'2021 is governed by the provisions of Section 153B of the act. Even though Section 153A of the Income Tax Act'1961
The government has put forward a bill in the parliament during the ongoing winter session with a key objective to curb misconduct in audit and accounting industry.
Finance act, 2021 has introduced a new section 194Q w.e.f. 01.07.2021 which requires a specified buyer to deduct TDS w.r.t. purchase of goods from a resident seller.
Both CA and ACCA are very in-depth and dynamic courses that include almost everything required by finance professionals. The scope of these professionals are in demand both in India and overseas.
The adoption of IT no longer remains a choice. It is critical for the firms to consider effective implementation of IT infrastructure to obtain the desired results.
The MCA has released a list of forms for which relaxation is provided vide General Circular No. 11/2021 & 12/2021. For the purpose of General Circular No. 06/2021 & 07/2021, a list of 53 forms was already in existence. In addition to that the MCA has added 4 more forms.
The CBDT on 30th June, 2021, has issued a set of guidelines in regards to the application of Section 194Q w.e.f. 1st July, 2021 vide Circular No. 12/2021.
A rule of thumb is a simple yet practical approach to any particular subject or course of action. It is a basic rule-set that gives practical instructions to accomplish a certain task.
The full form of FCRA is Foreign Contribution Regulation Act. When any charitable institution such as Trust, Society and Section 8 Company, wishes to receive funds or donations from foreign entity/resources, they shall register themselves under the Foreign Contribution Regulation Act, 2010.
I hope this article gives every reader a chance to reflect on what they learned about finance or money-managing this year and how they plan to go about it in 2022.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English